Question · Q3 2025
Brent Beilman inquired about the current state of pricing pressure in the U.S. business, asking if stabilization is occurring or if it remains a significant factor. He also questioned whether lower U.S. pumping margins were solely due to asset underutilization or if other factors like costs and inflation were contributing.
Answer
CEO Bruce Young confirmed that pricing pressure persists due to competitors targeting more complex projects and softness in residential markets, expecting it to continue for approximately six more months. CFO Iain Humphries explained that the decline in volume is the primary pressure on margins, despite cost control initiatives. He emphasized the operating leverage and variable cost base, anticipating a strong margin recovery as utilization and volumes improve.